Thursday 28 Mar 2024
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KUALA LUMPUR: Integrax Bhd's former deputy chairman Amin Halim Rasip and disgruntled shareholders have filed a lawsuit against Tenaga Nasional Bhd (TNB) relating to the takeover offer for the port operator. The suit comes after the takeover exercise was completed in April.

In a filing with Bursa Malaysia, TNB said the plaintiffs were seeking relief against the utility company claiming that the offer document dated Jan 30, 2015 is “erroneous and void”.

TNB was served with two originating summonses from Amin and his wife Nor’aini Hashim, and from Chan Kok Keong.

A source close to Amin told The Edge Financial Daily that some material information, for instance a new agreement for the usage of a terminal for the import of coal by the utility giant due to doubling of electricity output in the future, was not disclosed to shareholders in the offer document.

The offer document did not inform Integrax’s shareholders about TNB's upcoming talks with Integrax on the Terminal Usage Agreement 3 (JTUA 3), the source said. The talks are expected to start in late 2017. The agreement is for the new 1,000mw brownfield unit (M5) awarded to TNB in July 2013.

The JTUA 3 would be another income stream for Integrax in the future. Taking the agreement into account, the source noted that the minority shareholders might demand a higher price than RM3.25 per share.

To recap, Amin — who is also the co-founder of Integrax — had in March this year decided to part with his shares in the company after a three-month long battle.

TNB revised its offer price to RM3.25 from RM2.75 earlier after the other substantial shareholder, Perak Corp Bhd, indicated its fair value range of Integrax shares.

 

This article first appeared in The Edge Financial Daily, on July 9, 2015.

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